Top IMF official to visit SL this week to brief President

REUTERS: A senior International Monetary Fund (IMF) official will be visiting Sri Lanka on Monday and Tuesday to brief President Gotabaya Rajapaksa on the Fund’s assessment of the crisis-hit economy, Sri Lanka mission chief Masahiro Nozaki told Reuters.

LKR depreciates to the highest point in history

The Sri Lankan Rupee depreciated to the highest point in history today reaching Rs. 249 against the US Dollar.

Colombo Port City to add aquatic airport

The fast progressing Colombo Port City will see the addition of an aquatic airport, the Ministry of Tourism said.

Cabinet nod for nine-member Economic Council

The establishment of an Economic Council comprising of nine members received the Cabinet nod today.

Incentive for workers’ remittances increased to Rs.38

As the national economy is desperate for foreign exchange inflows, the Cabinet of Ministers today announced their decision to increase the incentive offered for foreign remittances.

CB devalues rupee to Rs.230 against USD

The Central Bank in a late night policy announcement today devalued the rupee to Rs.230 against the US dollar despite the Central Bank Governor Ajith Nivard Cabraal three days ago saying that the prevailing exchange rate was appropriate.

SriLankan Airlines partners with Manta Air

National carrier SriLankan Airlines announced its partnership with Manta Air today, a move which will connect passengers from Gan International Airport to Koodhdhoo City in Gaafu Alifu Atoll of Southern Maldives.

KPMG,PwC to exit Russia

Accounting firms KPMG and PricewaterhouseCoopers LLP (PwC) announced this Sunday their decision to exit Russia due its move to invade Ukraine.

CBSL further tightens monetary policy stance

The Central Bank of Sri Lanka (CBSL) announced today its decision to further tighten its monetary policy stance.

IMF tells SL to tighten monetary policy to counter inflation

Following the conclusion of the 2021 Article IV Consolation with Sri Lanka, the International Monetary Fund (IMF) has emphasized the need for tighter monetary policy to contain the rising inflationary pressures.

Chamath Palihapitiya Sued Over Insider Sale of Virgin Galactic Shares

BLOOMBERG: Chamath Palihapitiya took advantage of his insider role as chairman of Virgin Galactic Holdings Inc. to sell 10 million shares of the struggling space travel company for $315 million before he abruptly quit the board last month, a shareholder alleged in a lawsuit.

Public help sought to identify parties engaged in unauthorized forex dealings

The Central Bank of Sri Lanka (CBSL) called on for public help to identify those carrying out unauthorized foreign currency dealings.

Trading halted for second consecutive day

Trading at the Colombo Stock Exchange was halted for the second consecutive day today for 30 minutes as the S&P SL20 Index declined by 5 percent from the previous session.

SL to ink MoU with US Dept. of Agriculture to boost milk production

Sri Lanka will enter into a Memorandum of Understanding (MoU) with the United States (US) to improve the local capacity of milk production.

Govt. looking for investors re-open clay factory

Efforts are underway to initiate the manufacturing of clay related products at the We-Uda factory located at Kurunegala for which the government is on the lookout for potential investors.

G20 not sensitive to emerging market issues

Reflecting the sentiments of Bank Indonesia Governor Perry Warjiyo, Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal asserted that the G20 intergovernmental forum is not sensitive as it should be towards the issues faced by emerging nations.

Banks to face continued asset quality pressures in 2022: Fitch

Rating agency Fitch in its latest commentary said local banks are expected to face continued asset quality pressures in 2022.

Meta sued for storing biometric identifiers

Facebook parent company Meta is being sued by the Texas attorney general for “storing millions of biometric identifiers’’.

COPE summons several institutions

Several institutions have been summoned by the COPE committee for the month of February and March, including state banks and the apex state body promoting exports.

EU pledge support to boost SL wellness tourism

The EU delegation to Sri Lanka has pledged its support to strengthen the capacity of wellness tourism in the country, which will allow the industry to bounce back faster towards recovery.

5.4 MnKg under the hammer at tea auction this week

A total of 5.4 MnKg of tea came under the hammer at the Colombo Tea Auction this week, a decline of 1.2 MnKg from last week’s offering.

Technical issue allows extended trading time at CSE

Trading at the Colombo bourse went on for additional nine minutes today due to a technical issue, the Colombo Stock Exchange (CSE) said.

Exclusive wedding expo coming up next weekend

The Brides of Sri Lanka magazine together with the Galle Face Hotel will host an exclusive wedding exhibition next weekend.

CBSL launches ‘Lanka Remit’

The Central Bank of Sri Lanka (CBSL) launched today the National Remittance Mobile Application ‘Lanka Remit’.

FAO Food Price Index in Jan up 1.1% from Dec. 2021

The FAO Food Price Index (FFPI) expanded by 1.5 points in January 2022 from December 2021, averaging 135.7 points.

No light at the end of the tunnel for global logistics till 1H22

The challenges faced in the global logistics sector in 2021 likely to spill over to 2022 as well, while pressure on global supply chains is expected to continue.

Cabraal says IMF advice is for technical assistance programme, nothing more

Central Bank Governor Ajith Nivard Cabraal was quick to set the record straight with regard to Sri Lanka’s intention to reach out to the International Monetary Fund (IMF) for assistance.

Basil says advice sought from IMF to tackle economic troubles

The government has sought advice from the International Monetary Fund (IMF) on how to tackle the prevailing economic crisis, but accepting of such advice will be done only after a thorough study, the Finance Minister Basil Rajapaksa said.

Global travel sector to fully recover only after 2024: WEF

The global travel sector was expecting 2022 to be the year for tourism activities to pick up, however, a survey by the World Economic Forum (WEF) revealed that the sector will not witness full recovery until 2024.

Geoffrey Bawa: It is Essential to be There’ exhibition kicks off today

A major exhibition that draws from the archives of the practice of influential architect, Geoffrey Bawa, kicked off today in Colombo.